Belgium city from above

Belgium GDP Q4 2023

Belgium: Economic growth moderates in the fourth quarter

GDP growth waned to 0.3% on a seasonally adjusted quarter-on-quarter basis in the fourth quarter, from 0.4% in the third quarter. On an annual basis, economic growth improved to 1.5% in Q4, from the previous period’s 1.4% growth. Q4’s reading marked the strongest growth since Q1.

On the domestic front, fixed investment contracted 6.5% in Q4 (Q3: +1.6% s.a. qoq), marking the worst result since Q2 2020. Conversely, household spending growth improved to 0.5% seasonally adjusted quarter-on-quarter in the fourth quarter, which marked the best reading since Q1 (Q3: +0.4% s.a. qoq). Moreover, public spending expanded 2.0% in the fourth quarter, rebounding from the third quarter’s 0.1% contraction.

On the external front, exports of goods and services flatlined in seasonally adjusted quarter-on-quarter terms in the fourth quarter, which marked the best reading since Q4 2022 (Q3: -2.0% s.a. qoq). In addition, imports of goods and services declined at a softer pace of 1.2% in Q4 (Q3: -1.9% s.a. qoq), marking the best reading since Q4 2022.

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